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"This transaction strengthens Santen's lineup of glaucoma products, significantly expands Santen's footprint in Japan, Asia and Europe and is an important step in achieving its long-term corporate vision to become a specialized pharmaceutical company with a global presence by 2010," Akira Kurokawa, president and CEO, said in a statement.

Santen also agreed to purchase supplies of the products from Merck for two to five years, the companies said.

"The decision to divest our ophthalmics business is part of our ongoing strategy to sharpen our commercial focus and improve our operational effectiveness," Merck's Jay Galeota, president, Hospital and Specialty Care, said in a statement.